NAICOM expresses commitment to strengthen insurance industry

The National Insurance Commission (NAICOM) said on Wednesday in Benin that it was committed to strengthening insurance institutions through the implementation of effective regulatory framework. The Director, Inspectorate of the commission, Mr Barineke Thompson, said this while presenting a paper titled: ` Road map for Transforming the Insurance Sector’’ at the 2015 seminar for Insurance Correspondents in Benin.
He said strengthening the insurance institution was part of the commission’s road map for transforming the sector for 2015.
Thompson said the commission was also determined to deepen insurance penetration and improve on communication with all stakeholders. He said the road map also captured the optimal collection of revenues and effective management of assets. He said there was the need to facilitate compliance with compulsory insurance, eradicate fake insurance agents and certificates from the market. Thompson said the commission would forward a new Insurance Bill to the National Assembly, saying if passed into law, it would facilitate ongoing reforms in the sector.
Thompson said NAICOM had already embarked on some ongoing initiatives to review and consolidate insurance laws and enhance solvency management framework in the country. He said NAICOM would introduce risk management framework, complete special reports on insurance and facilitate compliance with the IFRS platform for operators in the sector. He said the commission had also initiated the adoption of uniform template for insurance reporting, consideration of a new guideline for insurance and issuance of licences to applicants for micro insurance.